daily, since the government, impelled by centralization, takes sole responsibility for all ventures, and, requested by public opinion, it increases the number of undertakings useful to the public. Under Louis XV. the State builds six thousand leagues of roads, and under Louis XVI. in 1788, to guard against famine, it purchases grain to the amount of forty millions. Through this increase of activity and its demands for capital the State becomes the universal debtor; henceforth public affairs are no longer exclusively the king's business. His creditors become uneasy at his expenditures; for it is their money he wastes, and, if he proves a bad administrator, they will be ruined. They want to know something of his budget, to examine his books: a lender always has the right to look after his securities. We accordingly see the bourgeois raising his head and beginning to pay close attention to the great machine whose performances, hitherto concealed from vulgar eyes, have, up to the present time, been kept a state secret. He becomes a politician, and, at the same time, discontented. For it cannot be denied that these matters, in which he is interested, are badly conducted. Any young man of good family managing affairs in the same way would be checked. The expenses of the administration of the State are always in excess of the revenue[4309]. According to official admissions[4310] the annual deficit amounted to 70 in 1770, and 80 millions in 1783; when one has attempted to reduce this it has been through bankruptcies; one to the tune of two milliards at the end of the reign of Louis XIV, and another almost equal to it in the time of Law, and another on from a third to a half of all the interests in the time of Terray, without mentioning suppressions in detail, reductions, indefinite delays in payment, and other violent and fraudulent means which a powerful debtor employs with impunity against a feeble creditor. "Fifty-six violations of public faith have occurred from Henry IV down to the ministry of M. de Loménie inclusive,"[4311] while a last bankruptcy, more frightful than the others, loom up on the horizon. Several persons, Bezenval and Linguet for instance, earnestly recommend it as a necessary and salutary amputation. Not only are there precedents for this, and in this respect the government will do no more than follow its own example, but such is its daily practice, since it lives only from day to day, by dint of expedients and delays, digging one hole to stop up another, and escaping failure only through the forced patience which it imposes on its creditors. With it, says a contemporary, people were never sure of anything, being always obliged to wait[4312]. "Were their capital invested in its loans, they could never rely on a fixed date for the payment of interest. Did they build ships, repair highways, or the soldiers clothed, they had no guarantees for their advances, no certificates of repayment, being reduced to